Lakeland Industries, Inc. · NASDAQ:LAKE
Lakeland Industries — Q4 FY2025 Earnings Presentation
26 slides from Lakeland Industries's earnings presentation, Apr 9, 2025
Slide 1: Fiscal Fourth Quarter & Full Year 2025 Financial Results Conference Call
LAKELAND \ = Fiscal Fourth ! LF N a Quarter & Full ey ENG OS = Year 2025 AS ee Zz Financial Results a “ON he StS NES Conference Call is NTS mY om \ Wr Y _ Ae ‘li i ; NASDAQ: LAKE — — —_— f —_— v v @caKeLanD
Slide 2: Safe Harbor & Non-GAAP Statements
Safe Harbor & Non-GAAP Statements “Safe Harbor” Statement Under the Private Secures Litigation Reform ct of 1995, ‘This presentation contains estimates, predictions, opinions, goals and other “forward-looking statements” as that phrase is defined in the Private Secures Litigation Reform fc of 1995.
Slide 3: On the Call Today
On the Call Today: & CLOSING SUMMARY James M. Jenkins Roger D. Shannon President, Chief Executive Officer and Chief Financial Officer Executive Chairman LAKELAND rine. sarery Protect YourPeopes
Slide 4: Corporate Overview
Corporate Overview Lakeland Fire + Safety is a global manufacturer of personal protective equipment, apparel and accessories with a Head-to-Toe portfolio of brands that protect the world’s workers, first responders, and communities during the most critical situations NASDAQ: LAKE Product portfolio i
Slide 5: Mission-Critical Product Portfolio
Mission-Critical Product Portfolio INDUSTRIAL Products Chemical Suits PPE / Disposable Coveralls FR/AR Performance Wear High Visibility Jolly and Cosmas brand of safety boots Products & NFPA-certified Fire Turnout Gear & CE-certified Fire Turnout Gear ® Pacific brand of safety helmets & Jolly brand
Slide 6: Head-to-Toe Global Fire Portfolio
Head-to-Toe Global Fire Portfolio Background + Product Portfolio Highlights Product Focus + Fire and emergency services helmets ‘+ Premium product line with a global reputation for safety and design Certieation + CE& NFPA + igh innovative and RAD driven organization Markats + Oceana, North America,
Slide 7: Operational & Business Updates
Operational & Business Updates © Closed Oversubscribed $46.0 Million Public Equity Offering + Strengthened Balance Sheet, Repaid Indebtedness, Cash Interest Savings * Positioned to Accelerate Further Growth in the Fire Protection Sector & Closed Three Acquisitions in Calendar 2024 + Veridian, LHD, J
Slide 8: Tariff Mitigation Measures
Tariff Mitigation Measures ® Inventory Buildup Increase in net inventories of $14.2 million ahead of imposed tariffs. Inventories on January 31, 2025, totaled $82.7 million. ® US and Mexico Production: Majority of legacy Lakeland products manufactured in Mexico are exempt from additional tariffs und
Slide 9: Key FY25 Themes & FY26 Outlook
Key FY25 Themes & FY26 Outlook ®& Experienced management team has each executed strategies like Lakeland’s - a turnaround/efficiency focus with accretive acquisitions and synergies to accelerate growth and create value ® Completed accretive acquisitions that added product line extensions and innovat
Slide 10: Q4 & FY25 Financial Results
O04 & FY2S5 FINANCIAL RESULTS 2025 Revenue by Product and Financial Highlights Geography ‘Three Months Ended Jan. 31 Year Ended Jan. 31 $in Million 2025 2024 2025 2024 Revenue $46.6 $31.2 $167.2 $124.7 Gross Margin 40.1% 35.9% 41.1% 41.1% oS Operating Expenses (188) (14.5) (67.4) (45.2) Net Income (
Slide 11: Fiscal 2025 Fourth Quarter Financial Highlights
Fiscal 2025 Fourth Quarter Financial Highlights Net Sales 202404 202504 + Netsales increased $15.4 million, or 49% + Sales of fire service products increased $14.7 million, or 226% QLAKELAND enc. sare Gross Margin 40.1% } i 202404 202504 Gross margin increased 420 bps to 40.1%.due to strong organic
Slide 12: Fiscal 2025 Financial Highlights
Fiscal 2025 Financial Highlights Net Sales $167.2 $1207 L 2024 2025 + Netsales increased $42.5 million, or 34% + Sales of fire service products increased $36.5 million, or 138% QLAKELAND enc. sare Gross Margin 41.1% 41.a%, 2024 2025 ‘© Gross marginat 41.1% driven byimproved organic gross margin offs
Slide 13: TTM Revenue and Adjusted EBITDA
TTM Revenue and Adjusted EBITDA 120 Feb-2e Mar26 Apr2h May-26 Jun-26 26 Auge26 Sep-26 Oct-26 Now24 Dec-26 fan-25 Revenue Adjusted EBITDA Adjusted EBITDA - Excluding FX LAKELAND rsnessarery Protect YourPeopes * 's en ail 2 ° ‘ Fe24 M26 Fpe2h Map 2h he-2s M2 Aip-26 Sep OCD Nov DeE-26 b2s repent ETO eg
Slide 14: FQ4 Gross Margin and Adjusted EBITDA Bridge
FQ4 Gross Margin and Adjusted EBITDA Bridge GROSS MARGIN % ADJUSTED EBITOR $2.0M 43e 2 a $10M _$6.1M a 3 on sos su | ATs 322M 18M Soe $1.8 202404 vento Organic Aequred Manufacturing, 202504 20040 Onpnc Acquired Prt «Manu. —SGBR (2005002028 Crp Gross Marg continued to knprove Prefab fom Organic sales
Slide 15: FY25 Gross Margin and Adjusted EBITDA Bridge
FY25 Gross Margin and Adjusted EBITDA Bridge GROSS MARGIN % ADJUSTED EBITOR 43 $1.4M _SO.4M. on 1, | “ae 14% “$3.3 $23M_ $17.4M. sisom [i $12.0 eam 224M ventory Opi —=—egured Manufacturing Fegt——=«205 202 Orgone qured Prot Mandl SCBA 205K 2025, Organic Gross Margi continued to improve Profitable fom
Slide 16: Revenue Mix - Historical & Pro Forma with Acquisitions
Revenue Mix-Historical & Pro Forma with Acquisitions Lakeland Organic FY24 with full year Pacific Helmets, Jolly Scarpe, LHD Lakeland Organic FY24 usa 1 Europe ws Other NA a Asia «Latin America ‘= Other Foreign 1m Disposables = Fire FRIAR Performance = Chemical = High-Visibility LAKELAND rine, sarer
Slide 17: Q4-FY25 Balance Sheet
O4-FY25 Balance Sheet* 202504 2024Q4 Variance 202504 2024Q4 Variance Cash and cash equivalents 7S 25277) Accounts Payable 157 Th Bh ‘Accounts Receivable 276 «192 BH ‘Accrued Compensation, Benefits & Expenses, 12600 64 G2 Inventories a7 513315 Income tax payable 1505 Prepaid VAT and other taxes 2628
Slide 18: Q4-FY25 Cash Flow
O4-FY25 Cash Flow 2025Q4 2024Q4 Variance 2025Q4 2024Q4 Variance Net (loss) income (18.1) 54 (235) Purchases of property and equipment (15) (2a) os Deferred income taxes (4.1) (0.8) 3) Proceeds from sale of fixed assets: - 46 (46) Depreciation and amortization be 241 22 Equity & Convertible Debt inve
Slide 19: Inventory and Organic Inventory
Inventory 827 Organic Inventory 287 285 202501 202502 202503 202591 202592 202593 Organic PacificHelmets MlollyScarpe M LHD Ml Veridian IM Finished Goods 1m Raw Materials > Q4-FY25 Lakeland inventory is $82.7M. > Organic Finished Goods is $28.7M in Q4-FY25 up $3.5M year over year and up > Organic in
Slide 20: Fiscal 2026 Guidance and Outlook
Fiscal 2026 Guidance and Outlook ®@ Revenue’ + We expect FY 2026 Revenue of $210 to $220 million. This Revenue expectation includes the recently announced Veridian, LHD, Jolly Scarpe and Pacific Helmets acquisitions. @ Adjusted EBITDA excluding FX’ + We expect FY 2026 Adjusted EBITDA, excluding any
Slide 21: Closing Summary
Closing Summary ® Strong FY2025 Net Sales Growth — Increased 34% to $167.2 Million ®& High-Value, Strategic Product Line Growth, Led By Fire Services — Record Q4'25 Revenue Growth of 226% ®& Near Term Strategy — Complete Head-to-Toe Global Fire Portfolio with closing of Veridian Acquisition — Larges
Slide 22: Lakeland
LAKELAND NASDAQ: LAKE 1525 Perimeter Parkway Suite 325 Huntsville, AL 35806 Chris Tyson MZ Group 949-491-8235 LAKE@mzgroup.us
Slide 23: Q4 & FY25 Financial Summary
O4 & FY25 Financial Summary ‘THREE MONTHS ENDED January 31, 2025 2024 Net sales $46,628 $31,239 Gross Margin 0.1% 35.9% Adjusted EBITDA excluding FX $6,110 $3,430 Adjusted EBITDA excluding FX Margin 13.1% 1.0% Diluted EPS $2.42 “$0.13 (8000's Ecept Shore Information) QLAKELAND inc. o2re-v Protect Yo
Slide 24: Non-GAAP Reconciliation - Q4 & FY25
Non-GARPP Reconciliation - 04 & FYy25 ‘THREE MONTHS ENDED Not Income to EBITDA Net income (loss) Interest expense Taxes Depreciation and amortization Impairment - Gcodwill Impairment - investment FRITDA EBITDA to Adjusted ERITDA (excluding non-cash expenses) EBITDA Stock Compensation Other Income Mo
Slide 25: Non-GAAP Reconciliation - Q4 & FY25
Non-GARPP Reconciliation - 04 & FYy25 THREE MONTHS ENDED ‘TWELVE MONTHS ENDED January 31, January 31, 2025 2028 2025 2024 ‘Adjusted ERITDA Margin ‘Adjusted EBITDA $5,110 $1,770 $15,043 $1977 Divided by net sales $16,628 $31,239 $167,211 $124,588 Adjusted EBITDA Margin 12.0% 5.7% 9.0% 96% ‘Adjusted E
Slide 26: Non-GAAP Reconciliation - 2025
Non-GAAPP Reconciliation - 04 2025 ‘THREE MONTHS ENDED THREE MONTHS ENDED January 31, October 31, 2025 2024 Adjusted Operating Expenses Operating Expenses $18,839 $17,783 Depreciation and amortization +3682 “$72 Equity Compensation “$476 “$455, Monterrey $352 “a7 Acquisition Expenses $1,528 $497 Sev
Lakeland Industries — Q4 FY2025 Earnings Presentation on 6ix